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A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year.The Dreyfus Corporation has contractually agreed to waive receipt of its fees and/or assume the expenses of the fund, until February 1, 2014, so that annual direct fund operating expenses of Class A shares, Class C shares and Class I shares (excluding Rule 12b-1 fees, shareholder services fees, taxes, interest expense, brokerage commissions, acquired fund fees and extraordinary expenses) do not exceed 1.35%. On or after February 1, 2014, The Dreyfus Corporation may terminate this expense waiver at any time.Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year.Other expenses for Class A are based on estimated amounts for the current fiscal year.Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year.The Dreyfus Corporation has contractually agreed, until February 1, 2014, to waive receipt of its fees and/or assume the expenses of the fund, so that the expenses of Class A, Class C and Class I (excluding Rule 12b-1 distribution fees, shareholder services fees, taxes, interest expense, brokerage commissions, commitment fees on borrowing and extraordinary expenses) do not exceed .45%. On or after February 1, 2014, The Dreyfus Corporation may terminate this expense waiver at any time.DREYFUS INVESTMENT FUNDS485BPOSfalse00007992952012-09-302013-01-282013-02-012013-02-01Dreyfus/The Boston Company Emerging Markets Core Equity FundSBCEXPrincipal Investment Strategy<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies that are located in foreign countries represented in the Morgan Stanley Capital International Emerging Markets (MSCI<font><sup><sup>&#174;</sup></sup></font> EM) Index. The fund intends to invest in a broad range of countries and will invest generally in a minimum of five different countries. However, the fund is not required to invest in every country represented in, or to match the country weightings of, the MSCI<font><sup><sup>&#174;</sup></sup></font> EM Index.</font> </p> <br/><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund employs a bottom-up investment approach which emphasizes individual stock selection through the use of proprietary computer models and fundamental analysis for the fund. The fund's stock selection process is designed to produce a diversified portfolio that, relative to the MSCI<font><sup><sup>&#174;</sup></sup></font> EM Index, frequently has a below-average price/earnings ratio and an above-average earnings growth trend. 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The fund's share price fluctuates, sometimes dramatically, which means you could lose money.</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font><i><font style="font-weight: normal; font-size: 10pt; font-family: ;" color="#000000">Risks of stock investing</font></i></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">. Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods. There is the chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The market value of a stock may decline due to general weakness in the stock market or because of factors that affect the company or its particular industry.</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font><i><font style="font-weight: normal; font-size: 10pt; font-family: ;" color="#000000">Foreign investment risk.</font></i></font> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards. Investments denominated in foreign currencies are subject to the risk that such currencies will decline in value relative to the U.S. dollar and affect the value of these investments held by the fund. 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The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font><i><font style="font-weight: normal; font-size: 10pt; font-family: ;" color="#000000">Foreign currency risk.</font></i></font> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency exchange rates may fluctuate significantly over short periods of time. 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In such a market, the value of such securities and the fund's share price may fall dramatically. Investment in foreign securities, particularly those of issuers located in emerging markets, tend to have greater exposure to liquidity risk than domestic securities.</font> </p>The fund's share price fluctuates, sometimes dramatically, which means you could lose money.An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.Performance<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class I shares from year to year. The table compares the average annual total returns of the fund's shares to those of a broad measure of market performance. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges, if any, are not reflected in the bar chart, and if those charges were included, returns would have been less than those shown. More recent performance information may be available at</font> <font><u><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">www.dreyfus.com</font></u></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">.</font> </p>Year-by-Year Total Returns as of 12/31 each year (%) Class I0.4045-0.50290.76240.1805-0.21810.1714~ http://dreyfus.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact ck0000799295_S000011353Member row primary compact * ~Best Quarter0.33062009-06-30Worst Quarter-0.28882008-12-31<table> <tr> <td style="vertical-align: top;"> <p style="margin-left: 4pt; text-align: left;"> <font><strong><font style="font-size: 10pt; font-style: normal;">Best Quarter</font></strong></font><font style="font-weight: normal; font-size: 10pt; font-style: normal;"><br /> Q2, 2009: 33.06%</font> </p> <p style="margin-left: 4pt; text-align: left;"> <font><strong><font style="font-size: 10pt; font-style: normal;">Worst Quarter</font></strong></font><font style="font-weight: normal; font-size: 10pt; font-style: normal;"><br /> Q4, 2008: -28.88%</font> </p> </td> </tr> <tr> <td> &#160; </td> <td> &#160; </td> </tr> </table><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> </p> <br/><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The performance figures for the fund's Class A and Class C shares for periods prior to 3/31/09 reflect the performance of the fund's Class I shares, adjusted to reflect each share class' applicable sales charges. Such performance figures have not been adjusted, however, to reflect applicable class fees and expenses; if such fees and expenses had been reflected, the performance shown for Class A and Class C shares for such periods may have been lower. For comparative purposes, the value of the MSCI<font><sup><sup>&#174;</sup></sup></font> EM Index on 6/30/06 is used as the beginning value on 7/10/06.</font> </p> 0.1714-0.01080.07770.1743-0.01540.06890.1143-0.00670.06770.0971-0.02710.06400.1456-0.02120.06890.1822-0.00920.07932009-03-312006-07-102009-03-312006-07-10~ http://dreyfus.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact ck0000799295_S000011353Member column rr_PerformanceMeasureAxis compact * row primary compact * ~After-tax returns are calculated using the historical highest individual federal marginal tax rates, and do not reflect the impact of state and local taxes.The following bar chart and table provide some indication of the risks of investing in the fund.The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary.reflects no deduction for fees, expenses or taxesSales charges, if any, are not reflected in the bar chart, and if those charges were included, returns would have been less than those shown.www.dreyfus.comActual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (as of 12/31/12) Fees and Expenses<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. More information about these and other discounts is available from your financial professional and in the Shareholder Guide section on page 9 of the Prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information.</font> </p>0.05750.00000.00000.00000.01000.0000-0.0200-0.0200-0.02000.01100.01100.01100.00000.00750.00000.04450.03940.03560.05550.05790.0466-0.0395-0.0344-0.03310.01600.02350.0135~ http://dreyfus.com/20130128/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000799295_S000011353Member row primary compact * ~~ http://dreyfus.com/20130128/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000799295_S000011353Member row primary compact * ~2014-02-01You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year. Shareholder Fees (fees paid directly from your investment) Example<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The one-year example and the first year of the three-, five- and ten-years examples are based on net operating expenses, which reflect the expense waiver/reimbursement by The Dreyfus Corporation. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p>728180428685477338141725785401137110720834552728180428685477238141725785401137110720834552~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000799295_S000011353Member row primary compact * ~~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact ck0000799295_S000011353Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Portfolio Turnover<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 70.79% of the average value of its portfolio.</font> </p>0.7079Dreyfus/The Boston Company Small Cap Growth FundSSETXPrincipal Investment Strategy<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap U.S. companies. The fund currently considers small-cap companies to be those with total market capitalizations, at the time of purchase, that are equal to or less than the total market capitalization of the largest company included in Russell 2000<font><sup><sup>&#174;</sup></sup></font> Growth Index as of the Index's most recent reconstitution date. The fund's portfolio managers employ a growth-oriented investment style in managing the fund's portfolio, which means the portfolio managers seek to identify those small-cap companies which are experiencing or are expected to experience rapid earnings or revenue growth. 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More recent performance information may be available at</font> <font><u><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">www.dreyfus.com</font></u></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">.</font> </p>Year-by-Year Total Returns as of 12/31 each year (%) Class I0.45240.15470.08350.15690.0891-0.37460.21520.2322-0.01830.1096~ http://dreyfus.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0000799295_S000011515Member row primary compact * ~Best Quarter0.20012003-06-30Worst Quarter-0.26462008-12-31<table> <tr> <td style="vertical-align: top;"> <p style="margin-left: 4pt; text-align: left;"> <font><strong><font style="font-size: 10pt; font-style: normal;">Best Quarter</font></strong></font><font style="font-weight: normal; font-size: 10pt; font-style: normal;"><br /> Q2, 2003: 20.01%</font> </p> <p style="margin-left: 4pt; text-align: left;"> <font><strong><font style="font-size: 10pt; font-style: normal;">Worst Quarter</font></strong></font><font style="font-weight: normal; font-size: 10pt; font-style: normal;"><br /> Q4, 2008: (26.46)%</font> </p> </td> </tr> <tr> <td> &#160; </td> <td> &#160; </td> </tr> </table><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">After-tax returns are calculated using the historical highest individual federal marginal tax rates, and do not reflect the impact of state and local taxes. 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Average Annual Total Returns (as of 12/31/12) Fees and Expenses<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.</font> </p>0.00800.00220.0102~ http://dreyfus.com/20130128/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0000799295_S000011515Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. 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These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 154.49% of the average value of its portfolio.</font> </p>1.5449Dreyfus/The Boston Company Small Cap Value FundSTSVXRUDAXPrincipal Investment Strategy<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap U.S. companies. 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The stock selection process is designed to produce a diversified portfolio of companies that the portfolio managers believe are undervalued relative to expected business growth.</font> </p>Investment Objective<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund seeks long-term growth of capital.</font> </p>Principal Risks<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program. 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After-tax performance of the fund's other share class will vary. reflects no deduction for fees, expenses or taxes Sales charges, if any, are not reflected in the bar chart, and if those charges were included, returns would have been less than those shown.www.dreyfus.com Average Annual Total Returns (as of 12/31/12) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Fees and Expenses<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. More information about these and other discounts is available from your financial professional and in the Shareholder Guide section on page 9 of the Prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information.</font> </p>0.05750.00000.00000.00000.00800.00800.00550.00180.01350.0098~ http://dreyfus.com/20130128/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact ck0000799295_S000011516Member row primary compact * ~~ http://dreyfus.com/20130128/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact ck0000799295_S000011516Member row primary compact * ~You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000Other expenses for Class A are based on estimated amounts for the current fiscal year. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year. Shareholder Fees (fees paid directly from your investment) Example<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p>705978127221051003125421201705978127221051003125421201~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleTransposed20017 column dei_LegalEntityAxis compact ck0000799295_S000011516Member row primary compact * ~~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleNoRedemptionTransposed20018 column dei_LegalEntityAxis compact ck0000799295_S000011516Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Portfolio Turnover<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 88.54% of the average value of its portfolio.</font> </p>0.8854Dreyfus/The Boston Company Small/Mid Cap Growth FundSDSCXPrincipal Investment Strategy<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap and mid-cap U.S. companies. 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The portfolio managers focus on individual stock selection instead of trying to predict which industries or sectors will perform best and select stocks by:</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">Using fundamental research to identify and follow companies considered to have attractive characteristics, such as strong business and competitive positions, solid cash flows and balance sheets, high quality management and high sustainable growth; and</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">Investing in a company when the portfolio managers' research indicates that the company will experience accelerating revenues and expanding operating margins, which may lead to rising estimate trends and favorable earnings surprises.</font> </p> <br/><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund's investment strategy may lead it to emphasize certain sectors, such as technology, health care, business services and communications.</font> </p> <br/><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund does not have any limitations regarding portfolio turnover. The fund may engage in short-term trading to try to achieve its objective and may have portfolio turnover rates significantly in excess of 100%. A portfolio turnover of 100% is equivalent to the fund buying and selling all of the securities in its portfolio once during the course of the year.</font> </p>Investment Objective<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund seeks long-term growth of capital.</font> </p>Principal Risks<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program. The fund's share price fluctuates, sometimes dramatically, which means you could lose money.</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font><i><font style="font-weight: normal; font-size: 10pt; font-family: ;" color="#000000">Risks of stock investing</font></i></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">. Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods. There is the chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The market value of a stock may decline due to general weakness in the stock market or because of factors that affect the company or its particular industry.</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font><i><font style="font-weight: normal; font-size: 10pt; font-family: ;" color="#000000">Small and midsize company risk.</font></i></font> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">Small and midsize companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies. 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It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.Performance<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class I shares from year to year. The table compares the average annual total returns of the fund's shares to those of a broad measure of market performance. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges, if any, are not reflected in the bar chart, and if those charges were included, returns would have been less than those shown. More recent performance information may be available at</font> <font><u><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">www.dreyfus.com</font></u></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">.</font> </p>Year-by-Year Total Returns as of 12/31 each year (%) Class I0.46170.18000.08640.14210.2108-0.35990.25330.22300.05750.1471~ http://dreyfus.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20027 column dei_LegalEntityAxis compact ck0000799295_S000011499Member row primary compact * ~Best Quarter0.19242003-06-30Worst Quarter-0.23482008-12-31<table> <tr> <td style="vertical-align: top;"> <p style="margin-left: 4pt; text-align: left;"> <font><strong><font style="font-size: 10pt; font-style: normal;">Best Quarter</font></strong></font><font style="font-weight: normal; font-size: 10pt; font-style: normal;"><br /> Q2, 2003: 19.24%</font> </p> <p style="margin-left: 4pt; text-align: left;"> <font><strong><font style="font-size: 10pt; font-style: normal;">Worst Quarter</font></strong></font><font style="font-weight: normal; font-size: 10pt; font-style: normal;"><br /> Q4, 2008: (23.48)%</font> </p> </td> </tr> </table><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> </p> <br/><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The performance figures for the fund's Class A and Class C shares for periods prior to 3/31/09 reflect the performance of the fund's Class I shares, adjusted to reflect each share class' applicable sales charges. Such performance figures have not been adjusted, however, to reflect applicable class fees and expenses; if such fees and expenses had been reflected, the performance shown for Class A and Class C shares for such periods may have been lower.</font> </p> 0.14710.03540.11920.12900.02980.10870.10830.02920.10280.07810.02120.11150.12280.02580.11400.16130.04070.10552009-03-312009-03-311988-01-01~ http://dreyfus.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20028 column dei_LegalEntityAxis compact ck0000799295_S000011499Member column rr_PerformanceMeasureAxis compact * row primary compact * ~After-tax returns are calculated using the historical highest individual federal marginal tax rates, and do not reflect the impact of state and local taxes.The following bar chart and table provide some indication of the risks of investing in the fund.The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary.reflects no deduction for fees, expenses or taxesSales charges, if any, are not reflected in the bar chart, and if those charges were included, returns would have been less than those shown.www.dreyfus.comActual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (as of 12/31/12) Fees and Expenses<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. More information about these and other discounts is available from your financial professional and in the Shareholder Guide section on page 9 of the Prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information.</font> </p>0.05750.00000.00000.00000.01000.00000.00600.00600.00600.00000.00750.00000.00480.00620.00180.01080.01970.0078~ http://dreyfus.com/20130128/role/ScheduleShareholderFees20023 column dei_LegalEntityAxis compact ck0000799295_S000011499Member row primary compact * ~~ http://dreyfus.com/20130128/role/ScheduleAnnualFundOperatingExpenses20024 column dei_LegalEntityAxis compact ck0000799295_S000011499Member row primary compact * ~You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year. Shareholder Fees (fees paid directly from your investment) Example<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p>679899113618163006181062229680249433966679899113618162006181062229680249433966~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleTransposed20025 column dei_LegalEntityAxis compact ck0000799295_S000011499Member row primary compact * ~~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleNoRedemptionTransposed20026 column dei_LegalEntityAxis compact ck0000799295_S000011499Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Portfolio Turnover<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 153.75% of the average value of its portfolio.</font> </p>1.5375Dreyfus/Standish Intermediate Tax Exempt Bond FundSDITXPrincipal Investment Strategy<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal personal income tax. The fund invests exclusively in fixed-income securities rated, at the time of purchase, investment grade (i.e., Baa/BBB or higher) or the unrated equivalent as determined by The Dreyfus Corporation, with an emphasis on high grade securities. The dollar-weighted average effective maturity of the fund&#8217;s portfolio generally will be between 3 and 10 years, but the fund may invest in individual securities of any maturity. The portfolio managers focus on identifying undervalued sectors and securities. To select municipal bonds for the fund, the portfolio managers use fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities and actively trade among various sectors based on their apparent relative values.</font> </p> <br/><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">Although the fund seeks to provide income exempt from federal income tax, income from some of the fund's holdings may be subject to the federal alternative minimum tax.</font> </p>Investment Objective<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund seeks to provide a high level of interest income exempt from federal income tax, while seeking preservation of shareholders' capital.</font> </p>Principal Risks<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program. The fund's share price fluctuates, sometimes dramatically, which means you could lose money.</font> </p> <br/><p style="TEXT-ALIGN: left"> <font><i><font style="font-weight: normal; font-size: 12pt; font-family: ;">Municipal securities risk.</font></i></font> <font><font style="font-weight: normal; font-size: 12pt; font-style: normal; font-family: ;">The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund's investments in municipal securities. Other factors include the general conditions of the municipal</font></font> <font><font style="font-weight: normal; font-size: 12pt; font-style: normal; font-family: ;">securities&#160;</font></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state in which the fund invests may have an impact on the fund's share price.</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font><i><font style="font-weight: normal; font-size: 10pt; font-family: ;" color="#000000">Interest rate risk.</font></i></font> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">Prices of bonds tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect bond prices and, accordingly, the fund's share price. The longer the effective maturity and duration of the fund's portfolio, the more the fund's share price is likely to react to interest rates.</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font><i><font style="font-weight: normal; font-size: 10pt; font-family: ;" color="#000000">Credit risk</font></i></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">. Failure of an issuer to make timely interest or principal payments, or a decline or perception of a decline in the credit quality of a bond, can cause a bond's price to fall, potentially lowering the fund's share price. The lower a bond's credit rating, the greater the chance &#8211; in the rating agency's opinion &#8211; that the bond issuer will default or fail to meet its payment obligations.</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font><i><font style="font-weight: normal; font-size: 10pt; font-family: ;" color="#000000">Liquidity risk.</font></i></font> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">When there is little or no active trading market for a security, the fund may not be able to sell the security in a timely manner at its perceived value, which could cause the fund's share price to fall.</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font><i><font style="font-weight: normal; font-size: 10pt; font-family: ;" color="#000000">Call risk</font></i></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">. Some bonds give the issuer the option to call, or redeem, the bonds before their maturity date. If an issuer "calls" its bond during a time of declining interest rates, the fund might have to reinvest the proceeds in an investment offering a lower yield, and therefore might not benefit from any increase in value as a result of declining interest rates. During periods of market illiquidity or rising interest rates, prices of "callable" issues are subject to increased price fluctuation.</font> </p>The fund's share price fluctuates, sometimes dramatically, which means you could lose money.An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.Performance<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class I shares from year to year. The table compares the average annual total returns of the fund's shares to those of a broad measure of market performance. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges, if any, are not reflected in the bar chart, and if those charges were included, returns would have been less than those shown. More recent performance information may be available at</font> <font><u><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">www.dreyfus.com</font></u></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">.</font> </p>Year-by-Year Total Returns as of 12/31 each year (%) Class I0.04330.02940.01820.03880.0369-0.00330.10220.03580.08630.0365~ http://dreyfus.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20035 column dei_LegalEntityAxis compact ck0000799295_S000011667Member row primary compact * ~Best Quarter0.06082009-09-30Worst Quarter-0.02552010-12-31<table> <tr> <td style="vertical-align: top;"> <p style="margin-left: 4pt; text-align: left;"> <font><strong><font style="font-size: 10pt; font-style: normal;">Best Quarter</font></strong></font><font style="font-weight: normal; font-size: 10pt; font-style: normal;"><br /> Q3, 2009: 6.08%</font> </p> <p style="margin-left: 4pt; text-align: left;"> <font><strong><font style="font-size: 10pt; font-style: normal;">Worst Quarter</font></strong></font><font style="font-weight: normal; font-size: 10pt; font-style: normal;"><br /> Q4, 2010: -2.55%</font> </p> </td> </tr> </table><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> </p> <br/><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">For the fund's Class A and Class C shares, periods prior to 3/31/09 reflect the performance of the fund's Class I shares, adjusted to reflect each share class' applicable sales charges. Such performance figures have not been adjusted, however, to reflect applicable class fees and expenses; if such fees and expenses had been reflected, the performance shown for Class A and Class C shares for such periods may have been lower.</font> </p> 0.03650.05080.04200.03540.05010.04100.03360.04810.0405-0.01350.03840.03580.01480.04210.03770.03680.05450.04481992-11-022009-03-312009-03-31~ http://dreyfus.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20036 column dei_LegalEntityAxis compact ck0000799295_S000011667Member column rr_PerformanceMeasureAxis compact * row primary compact * ~After-tax returns are calculated using the historical highest individual federal marginal tax rates, and do not reflect the impact of state and local taxes.The following bar chart and table provide some indication of the risks of investing in the fund.The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. reflects no deduction for fees, expenses or taxes Sales charges, if any, are not reflected in the bar chart, and if those charges were included, returns would have been less than those shown.www.dreyfus.com Average Annual Total Returns (as of 12/31/12) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Fees and Expenses<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. More information about these and other discounts is available from your financial professional and in the Shareholder Guide section on page 8 of the Prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information.</font> </p>0.04500.00000.00000.00000.01000.00000.00400.00400.00400.00000.00750.00000.00500.00520.00210.00900.01670.0061-0.0020-0.0022-0.00160.00700.01450.0045~ http://dreyfus.com/20130128/role/ScheduleShareholderFees20031 column dei_LegalEntityAxis compact ck0000799295_S000011667Member row primary compact * ~~ http://dreyfus.com/20130128/role/ScheduleAnnualFundOperatingExpenses20032 column dei_LegalEntityAxis compact ck0000799295_S000011667Member row primary compact * ~2014-02-01You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year. Shareholder Fees (fees paid directly from your investment) Example<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The one-year example and the first year of the three-, five- and ten-years examples are based on net operating expenses, which reflect the expense waiver/reimbursement by The Dreyfus Corporation. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p>51870590714902485058871958461793247475187059071490148505887195846179324747~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleTransposed20033 column dei_LegalEntityAxis compact ck0000799295_S000011667Member row primary compact * ~~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleNoRedemptionTransposed20034 column dei_LegalEntityAxis compact ck0000799295_S000011667Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Portfolio Turnover<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 21.97% of the average value of its portfolio.</font> </p>0.2197Dreyfus/Newton International Equity FundSNIEXNIEAXNIECXPrincipal Investment Strategy<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks or securities convertible into common stocks of foreign companies and depositary receipts evidencing ownership in such securities. At least 75% of the fund's net assets will be invested in countries represented in the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE<font><sup><sup>&#174;</sup></sup></font>) Index. The fund may invest up to 25% of its net assets in stock of companies located in countries (other than the United States) not represented in the MSCI EAFE<font><sup><sup>&#174;</sup></sup></font> Index, including up to 20% in emerging market countries.</font> </p> <br/><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The core of the investment philosophy of Newton Capital Management Limited (Newton), an affiliate of The Dreyfus Corporation and the fund's sub-investment adviser, is the belief that no company, market or economy can be considered in isolation; each must be understood within a global context. Newton believes that a global comparison of companies is the most effective method of stock analysis, and Newton's global analysts research investment opportunities by global sector rather than by region. The process begins by identifying a core list of investment themes that Newton believes will positively or negatively affect certain sectors or industries and cause stocks within these sectors or industries to outperform or underperform others. Newton then identifies specific companies using investment themes to help focus on areas where thematic and strategic research indicates superior returns are likely to be achieved.</font> </p> <br/><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">Sell decisions for individual stocks will typically be a result of one or more of the following:</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">A change in investment theme or strategy</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">Profit-taking</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">A significant change in the prospects of a company</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">Price movement and market activity have created an extreme valuation</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The valuation of a company has become expensive against its peers</font> </p> <br/><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund may, but is not required to, use derivatives, such as futures, options and forward contracts, as a substitute for investing directly in and underlying asset or currency, to increase returns, to manage currency risk, or as part of hedging strategy.</font> </p>Investment Objective<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund seeks long-term growth of capital.</font> </p>Principal Risks<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. It is not a complete investment program. The fund's share price fluctuates, sometimes dramatically, which means you could lose money.</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font><i><font style="font-weight: normal; font-size: 10pt; font-family: ;" color="#000000">Risks of stock investing</font></i></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">. Stocks generally fluctuate more in value than bonds and may decline significantly over short time periods. There is the chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The market value of a stock may decline due to general weakness in the stock market or because of factors that affect the company or its particular industry.</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font><i><font style="font-weight: normal; font-size: 10pt; font-family: ;" color="#000000">Foreign investment risk.</font></i></font> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund's performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign issuers include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political and economic instability and differing auditing and legal standards. Investments denominated in foreign currencies are subject to the risk that such currencies will decline in value relative to the U.S. dollar and affect the value of these investments held by the fund. Emerging markets tend to be more volatile than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. To the extent the fund's investments are concentrated in one or a limited number of foreign countries, the fund's performance could be more volatile than that of more geographically diversified funds.</font> </p> <br/><p style="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left;"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol; color: #000000;">&#183;</font></font><font><font style="word-spacing: 10pt;"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol; color: #000000;">&#160;</font></font></font><font><em><font style="font-weight: normal; font-size: 10pt; color: #000000;">Foreign currency risk.</font></em></font> <font style="font-weight: normal; font-size: 10pt; font-style: normal; color: #000000;">Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency exchange rates may fluctuate significantly over short periods of time. Foreign currencies are <font style="font-weight: normal; font-size: 10pt; font-style: normal; color: #000000;">also subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government intervention and controls.</font><br /> </font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font><i><font style="font-weight: normal; font-size: 10pt; font-family: ;" color="#000000">Derivatives risk.</font></i></font> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">A small investment in derivatives could have a potentially large impact on the fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value.</font> </p> <br/><p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt; TEXT-ALIGN: left"> <font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#183;</font></font><font><font style="WORD-SPACING: 10pt"><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: symbol;" color="#000000">&#160;</font></font></font><font><i><font style="font-weight: normal; font-size: 10pt; font-family: ;" color="#000000">Liquidity risk.</font></i></font> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities and the fund's share price may fall dramatically. Investment in foreign securities, particularly those of issuers located in emerging markets, tend to have greater exposure to liquidity risk than domestic securities.</font> </p>The fund's share price fluctuates, sometimes dramatically, which means you could lose money.An investment in the fund is not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.Performance<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the performance of the fund's Class I shares from year to year. The table compares the average annual total returns of the fund's shares to those of a broad measure of market performance. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges, if any, are not reflected in the bar chart, and if those charges were included, returns would have been less than those shown. More recent performance information may be available at</font> <font><u><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">www.dreyfus.com</font></u></font><font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">.</font> </p>Year-by-Year Total Returns as of 12/31 each year (%) Class I0.20620.1770-0.42460.21920.0933-0.14570.2290~ http://dreyfus.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20043 column dei_LegalEntityAxis compact ck0000799295_S000011511Member row primary compact * ~Best Quarter0.18012009-06-30Worst Quarter-0.21852008-09-30<table> <tr> <td style="vertical-align: top;"> <p style="margin-left: 4pt; text-align: left;"> <font><strong><font style="font-size: 10pt; font-style: normal;">Best Quarter</font></strong></font><font style="font-weight: normal; font-size: 10pt; font-style: normal;"><br /> Q2, 2009: 18.01%</font> </p> <p style="margin-left: 4pt; text-align: left;"> <font><strong><font style="font-size: 10pt; font-style: normal;">Worst Quarter</font></strong></font><font style="font-weight: normal; font-size: 10pt; font-style: normal;"><br /> Q3, 2008: -21.85%</font> </p> </td> </tr> </table><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> </p> <br/><p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">For the fund's Class A and Class C shares, periods prior to 3/31/08 reflect the performance of the fund's Class I shares, adjusted to reflect each share class' applicable sales charges. Such performance figures have not been adjusted, however, to reflect applicable class fees and expenses; if such fees and expenses had been reflected, the performance shown for Class A and Class C shares for such periods may have been lower. For comparative purposes, the value of the MSCI EAFE Index on 12/31/05 is used as the beginning value on 12/21/05.</font> </p> 0.2290-0.04240.01880.2287-0.04500.01360.1548-0.03480.01630.1544-0.05590.00850.2043-0.05050.01270.1732-0.03690.02192005-12-212008-03-312008-03-31~ http://dreyfus.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20044 column dei_LegalEntityAxis compact ck0000799295_S000011511Member column rr_PerformanceMeasureAxis compact * row primary compact * ~After-tax returns are calculated using the historical highest individual federal marginal tax rates, and do not reflect the impact of state and local taxes.The following bar chart and table provide some indication of the risks of investing in the fund.The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.After-tax performance is shown only for Class I shares. After-tax performance of the fund's other share classes will vary. reflects no deduction for fees, expenses or taxes Sales charges, if any, are not reflected in the bar chart, and if those charges were included, returns would have been less than those shown.www.dreyfus.com Average Annual Total Returns (as of 12/31/12) Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Fees and Expenses<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. More information about these and other discounts is available from your financial professional and in the Shareholder Guide section on page 10 of the Prospectus and in the How to Buy Shares section and the Additional Information About How to Buy Shares section on page II-1 and page III-1, respectively, of the fund's Statement of Additional Information.</font> </p>0.05750.00000.00000.00000.01000.00000.00800.00800.00800.00000.00750.00000.00520.00610.00240.01320.02160.0104~ http://dreyfus.com/20130128/role/ScheduleShareholderFees20039 column dei_LegalEntityAxis compact ck0000799295_S000011511Member row primary compact * ~~ http://dreyfus.com/20130128/role/ScheduleAnnualFundOperatingExpenses20040 column dei_LegalEntityAxis compact ck0000799295_S000011511Member row primary compact * ~You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain funds in the Dreyfus Family of Funds. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a deferred sales charge of 1.00% if redeemed within one year. Shareholder Fees (fees paid directly from your investment) Example<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p>7029691257207431967611592493106331574127170296912572074219676115924931063315741271~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleTransposed20041 column dei_LegalEntityAxis compact ck0000799295_S000011511Member row primary compact * ~~ http://dreyfus.com/20130128/role/ScheduleExpenseExampleNoRedemptionTransposed20042 column dei_LegalEntityAxis compact ck0000799295_S000011511Member row primary compact * ~ You would pay the following expenses if you did not redeem your shares: Portfolio Turnover<p style="TEXT-ALIGN: left"> <font style="font-weight: normal; font-size: 10pt; font-style: normal; font-family: ;" color="#000000">The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 57.88% of the average value of its portfolio.</font> </p>0.5788